Translate
21 June 2018
Over RM3bil misappropriated from theTRX project to pay off 1MDB Debts, PH Government will complete TRX to avoid compensation of RM3.51 Bil
Guan Eng: RM3bil stolen from TRX project to service 1MDB debts
Thursday, 21 Jun 20183:45 PM MYT
by michelle tam
PUTRAJAYA: More than RM3bil of government funds were misappropriated from the Tun Razak Exchange (TRX) project to pay off 1Malaysia Development Berhad (1MDB) debts, says Lim Guan Eng.
The Finance Minister said that since 2012, the Federal Government had guaranteed borrowings, extended advances and provided transfers to as well as purchased land from TRX City Sdn Bhd (TXRC) amounting to RM3.688bil.
"Of this sum of transfers, a total of RM 3,067mil were misappropriated by 1MDB, mainly for 1MDB loan repayments," said Lim here on Thursday (June 20).
He said that due to this misappropriation of funds, TRXC does not have enough money to fulfil its obligations as the Master Developer for TRX.
The additional RM2.8bil injection, on top of the RM3.7bil transferred earlier to TRXC, would make up total funding by the government to be RM6.5bil.
Lim also instructed the TRXC management – including chief executive officer Datuk Haji Azmar Talib and executive director Tan Hwa Min who were present at the press conference – to lodge a report with the investigative panel of 1MDB and the police on the RM3bil misappropriated by 1MDB.
"The Finance Ministry will ensure that the injection of funds is spent prudently to protect the interest of Malaysian tax-payers, the existing foreign and local investors of TRXC," he added.
TRX City Sdn Bhd (TRXC) is currently a wholly-owned subsidiary of the Finance Ministry.
The company was formerly known as 1MDB Real Estate Sdn Bhd, formerly a subsidiary of 1MDB.
TRXC was transferred to the Finance Ministry on Mar 31, 2017 as advised by the Parliamentary Public Accounts Committee.
According to Lim, this was because TRXC was unable to secure land sales or bank financing, due to its association with 1MDB.
Read more at https://www.thestar.com.my/news/nation/2018/06/21/guan-eng-rm3bil-stolen-from-trx-project-to-service-1mdb-debts/#iOPYA3r3jGoVuwZM.99
PUTRAJAYA: The Cabinet has decided to complete the Tun Razak Exchange (TRX) project to prevent further financial losses to the Government.
At a press conference here Thursday (June 21), Finance Minister Lim Guan Eng said that Cabinet had decided that a maximum of RM2.8bil would be injected into the project to ensure its completion.
Lim said this was to better than having a "massive abandoned mega project" in the heart of Kuala Lumpur.
He also said that this would prevent the payment of RM3.51bil in compensation if the project is stopped.
He highlighted that of this sum, RM3bil was misappropriated to pay off 1MDB debts.
Lim said the Cabinet has decided to continue the project to recoup all misappropriated funds, repay all borrowings as well as recover all funding investments and opportunity costs.
TRXC, the company developing TRX and Bandar Malaysia, is a fully-owned government company.
Read more at https://www.thestar.com.my/news/nation/2018/06/21/tun-razak-exchange-to-be-continued-says-guan-eng-to-prevent-further-losses/#SYK8iwLScHgP9esK.99
Popular Posts - Last 7 days
-
Dua buah helikopter milik Angkatan Tentera Malaysia (ATM) dilaporkan terhempas ketika menjalani raptai di Kem Tentera Laut Diraja Malaysi...
-
TLDM tragedy: Nation mourns worst helicopter crash Bernama 24/04/2024 TLDM tragedy: Nation mourns worst helicopter crash Two helicopters c...
-
PM nafi kerajaan beri lesen kasino di Forest City Bernama 25/04/2024 PM nafi kerajaan beri lesen kasino di Forest City Perdana Menteri ...
-
Former Prime Minister, Tun Abdullah Ahmad Badawi, was admitted to the National Heart Institute (IJN) last night, after reportedly experienci...
-
Police arrested two individuals from a welfare home after a complaint of an elderly man being beatenThe police arrested two individuals including the owner of an elderly welfare home here following a complaint of an elderly man being beaten...
-
Dua helikopter TLDM bertembung semasa Latihan Lintas Hormat Sambutan Hari Ulang Tahun TLDM Ke-90. Pesawat HOM (M503-3) yang membawa tujuh or...
-
KL20 Summit 2024 to attract high-quality investments - PM Bernama 22/04/2024 PM Datuk Seri Anwar Ibrahim said the summit marks a comprehens...
Popular Posts - Last 30 days
-
Saudi says application for 1444 H umrah visa opens from today Bernama Julai 14, 2022 The Ministry of Haj and Umrah of Saudi Arabia has ann...
-
Following is BEST FBKL's selection of The Top Ramadan 2024 Buka Puasa Buffet's in Kuala Lumpur and the Klang Valley. We hope that y...
-
King presents appointment letters to four new envoys Bernama Julai 12, 2022 His Majesty presenting the letter of appointment to M'sian...
-
Wan Saiful confirms he is no longer PTPTN chairman Bernama Julai 12, 2022 Bersatu Information chief Datuk Wan Saiful Wan Jan today confirm...
-
Naz Empire's defamation lawsuit against Awal Ashaari to go to trial as mediation fails Bernama Julai 12, 2022 The defamation lawsuit f...
-
‘Alas pintu’ dengan gambar Kaabah sebenarnya sejadah mini - AEON BiG April 13, 2024 Susulan penularan gambar yang mendakwa penjualan ‘alas ...
-
Screenshot of a video shared by the public of the incident at the Kuala Lumpur International Airport (KLIA) Arrival Hall 1 on Sunday. SEPANG...
-
Kedah MB: ECK no longer part of Kulim airport project Bernama Julai 13, 2022 Muhammad Sanusi announced that the ECK Group of Companies (EC...
-
MAN DIES AS HIS BMW I7 CRASHES AND BURNS, WOMAN FRIEND SERIOUSLY INJURED A man died while his woman friend was seriously injured when the ca...
-
Seven million Malaysians yet to take booster dose against COVID-19 - PM Bernama Julai 11, 2022 Prime Minister Datuk Seri Ismail Sabri Yaako...
Blog Archive
-
►
2023
(3771)
- December (311)
- November (322)
- October (286)
- September (288)
- August (365)
- July (349)
- June (372)
- May (316)
- April (279)
- March (301)
- February (245)
- January (337)
-
►
2022
(4309)
- December (352)
- November (422)
- October (288)
- September (281)
- August (347)
- July (303)
- June (335)
- May (406)
- April (341)
- March (371)
- February (390)
- January (473)
-
►
2021
(9030)
- December (636)
- November (647)
- October (809)
- September (797)
- August (880)
- July (894)
- June (747)
- May (780)
- April (580)
- March (629)
- February (643)
- January (988)
-
►
2020
(6800)
- December (819)
- November (698)
- October (832)
- September (729)
- August (548)
- July (558)
- June (615)
- May (394)
- April (368)
- March (453)
- February (439)
- January (347)
-
►
2019
(4089)
- December (411)
- November (425)
- October (375)
- September (279)
- August (397)
- July (353)
- June (326)
- May (315)
- April (266)
- March (318)
- February (293)
- January (331)
-
▼
2018
(4100)
- December (305)
- November (304)
- October (357)
- September (352)
- August (420)
- July (442)
- June (366)
- May (412)
- April (343)
- March (275)
- February (233)
- January (291)
-
►
2017
(3888)
- December (268)
- November (293)
- October (352)
- September (309)
- August (356)
- July (300)
- June (319)
- May (354)
- April (316)
- March (335)
- February (306)
- January (380)
-
►
2016
(4563)
- December (331)
- November (328)
- October (378)
- September (415)
- August (404)
- July (380)
- June (310)
- May (370)
- April (430)
- March (484)
- February (355)
- January (378)
-
►
2015
(4588)
- December (402)
- November (392)
- October (393)
- September (375)
- August (450)
- July (392)
- June (456)
- May (407)
- April (408)
- March (374)
- February (262)
- January (277)